CoreCap Advisors LLC Sells 15,844 Shares of Corning Incorporated (NYSE:GLW)

CoreCap Advisors LLC cut its position in Corning Incorporated (NYSE:GLW) by 90.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,705 shares of the electronics maker’s stock after selling 15,844 shares during the quarter. CoreCap Advisors LLC’s holdings in Corning were worth $81,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Fifth Third Bancorp raised its position in Corning by 16.8% in the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after purchasing an additional 16,001 shares during the last quarter. New Century Financial Group LLC bought a new position in shares of Corning during the fourth quarter worth about $1,110,000. Oak Thistle LLC bought a new position in shares of Corning during the fourth quarter worth about $373,000. Tallon Kerry Patrick bought a new position in shares of Corning during the fourth quarter worth about $302,000. Finally, Barclays PLC raised its position in shares of Corning by 8.5% during the third quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker’s stock worth $85,468,000 after acquiring an additional 148,042 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the business’s stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president now owns 9,610 shares of the company’s stock, valued at approximately $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Performance

NYSE:GLW opened at $47.61 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 52-week low of $34.33 and a 52-week high of $55.33. The firm has a market cap of $40.78 billion, a price-to-earnings ratio of 82.09, a PEG ratio of 1.50 and a beta of 1.09. The business’s fifty day moving average is $44.46 and its 200 day moving average is $47.50.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the previous year, the company posted $0.38 EPS. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. Research analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.35%. Corning’s payout ratio is 215.38%.

Analyst Ratings Changes

GLW has been the subject of a number of analyst reports. Mizuho set a $52.00 price objective on Corning in a research report on Tuesday, April 15th. Citigroup lowered their price objective on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Barclays lowered their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. HSBC raised Corning from a “hold” rating to a “buy” rating and raised their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.08.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.